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Jiangsu Lopal Tech (SHSE:603906) Has A Pretty Healthy Balance Sheet
Jiangsu Lopal Tech (SHSE:603906) Has A Pretty Healthy Balance Sheet
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies Jiangsu Lopal Tech. Co., Ltd. (SHSE:603906) makes use of debt. But should shareholders be worried about its use of debt?
What Risk Does Debt Bring?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
Check out our latest analysis for Jiangsu Lopal Tech
What Is Jiangsu Lopal Tech's Net Debt?
The image below, which you can click on for greater detail, shows that at June 2022 Jiangsu Lopal Tech had debt of CN¥3.39b, up from CN¥1.34b in one year. However, because it has a cash reserve of CN¥3.27b, its net debt is less, at about CN¥122.1m.
SHSE:603906 Debt to Equity History September 7th 2022How Healthy Is Jiangsu Lopal Tech's Balance Sheet?
Zooming in on the latest balance sheet data, we can see that Jiangsu Lopal Tech had liabilities of CN¥4.81b due within 12 months and liabilities of CN¥1.19b due beyond that. Offsetting this, it had CN¥3.27b in cash and CN¥2.25b in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by CN¥486.9m.
Since publicly traded Jiangsu Lopal Tech shares are worth a total of CN¥18.9b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Carrying virtually no net debt, Jiangsu Lopal Tech has a very light debt load indeed.
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Jiangsu Lopal Tech has very little debt (net of cash), and boasts a debt to EBITDA ratio of 0.096 and EBIT of 11.3 times the interest expense. Indeed relative to its earnings its debt load seems light as a feather. Better yet, Jiangsu Lopal Tech grew its EBIT by 251% last year, which is an impressive improvement. If maintained that growth will make the debt even more manageable in the years ahead. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Jiangsu Lopal Tech can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. During the last three years, Jiangsu Lopal Tech burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
Our View
Jiangsu Lopal Tech's EBIT growth rate suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But the stark truth is that we are concerned by its conversion of EBIT to free cash flow. Taking all this data into account, it seems to us that Jiangsu Lopal Tech takes a pretty sensible approach to debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 4 warning signs for Jiangsu Lopal Tech (1 is a bit unpleasant!) that you should be aware of before investing here.
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
巴菲特(Warren Buffett)曾説過一句名言:波動性遠非風險的代名詞。當你考察一家公司的風險有多大時,考慮它的資產負債表是很自然的,因為當一家企業倒閉時,債務往往會涉及到它。與許多其他公司一樣江蘇羅帕爾科技有限公司。公司名稱:太平實業股份有限公司。(上海證券交易所:603906)利用債務。但股東是否應該擔心它的債務使用情況?
債務會帶來什麼風險?
當一家企業無法輕鬆履行這些義務時,債務和其他債務就會變得有風險,無論是通過自由現金流還是通過以有吸引力的價格籌集資本。如果情況真的變得很糟糕,貸款人可以控制業務。然而,一種更常見(但仍然昂貴)的情況是,一家公司必須以低廉的股價稀釋股東的股份,才能控制債務。然而,通過取代稀釋,對於需要資本投資於高回報率增長的企業來説,債務可以成為一個非常好的工具。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對江蘇羅帕爾科技的最新分析
江蘇羅帕爾科技的淨債務是多少?
下圖顯示,截至2022年6月,江蘇羅派科技的債務為33.9億加元,高於一年內的13.4億加元。你可以點擊查看更多細節。然而,由於擁有32.7億加元的現金儲備,其淨債務較少,約為1.221億加元。
上證綜指:603906債轉股歷史2022年9月7日江蘇羅帕爾科技的資產負債表有多健康?
放大最新的資產負債表數據,江蘇羅柏科技有48.1億加元的負債在12個月內到期,超過12個月的負債有11.9億加元到期。作為抵消,它有32.7億加元的現金和22.5億加元的應收賬款在12個月內到期。因此,它的負債比現金和(近期)應收賬款之和高出4.869億元。
由於上市的江蘇羅派科技的股票總價值為189億元人民幣,這樣的負債水平似乎不太可能構成重大威脅。但有足夠的負債,我們肯定會建議股東繼續監控未來的資產負債表。江蘇羅帕爾科技幾乎沒有淨債務,債務負擔確實非常輕。
我們使用兩個主要比率來告知我們債務相對於收益的水平。第一個是淨債務除以利息、税項、折舊和攤銷前收益(EBITDA),第二個是其息税前收益(EBIT)覆蓋其利息支出(或簡稱利息覆蓋)的多少倍。因此,我們考慮債務相對於收益,包括折舊和攤銷費用。
江蘇羅帕爾科技的債務很少(扣除現金),債務與息税前利潤之比為0.096,息税前利潤為利息支出的11.3倍。事實上,與其盈利相比,它的債務負擔似乎輕如鴻毛。更好的是,江蘇羅帕爾科技去年的息税前利潤增長了251%,這是一個令人印象深刻的進步。如果保持這樣的增長,未來幾年的債務將變得更加可控。當你分析債務時,資產負債表顯然是你關注的領域。但最終,該業務未來的盈利能力將決定江蘇羅帕爾科技能否隨着時間的推移加強其資產負債表。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。因此,我們顯然需要看看息税前利潤是否會帶來相應的自由現金流。在過去的三年裏,江蘇羅帕爾科技燒掉了大量現金。儘管投資者無疑預計這種情況會在適當的時候逆轉,但這顯然意味着它使用債務的風險更大。
我們的觀點
江蘇羅帕爾科技的息税前利潤增長率表明,它可以輕鬆地處理債務,就像克里斯蒂亞諾·羅納爾多在對陣14歲以下門將的比賽中進球一樣。但嚴酷的事實是,我們對其將息税前利潤轉換為自由現金流感到擔憂。考慮到所有這些數據,在我們看來,江蘇羅帕爾科技對債務採取了相當明智的做法。這意味着他們正在承擔更多的風險,希望提高股東回報。當你分析債務時,資產負債表顯然是你關注的領域。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。例如,我們發現江蘇羅帕爾科技的4個警示標誌(1有點令人不快!)在這裏投資之前你應該意識到這一點。
歸根結底,關注那些沒有淨債務的公司往往更好。你可以訪問我們的這類公司的特別名單(都有利潤增長的記錄)。這是免費的。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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